In the state of Ohio if the property is in an LLC you MUST hire an attorney to represent you.Once you file the paperwork, the municipal court will schedule a date as well as send out mail, certified mail and typically send a baliff to make contact with the tenant.

For a Monte Carlo simulation, I might apply a +/- to that and see to what extent variations in that estimate have ~non-linear effects on the final answer.Agree that one of the biggest impacts is the current value; for two of my properties the mortgage company provides an equity estimate (which I have no idea how accurate it might be since websites like Zillow, etc typically don't handle multi-family properties very well), but here's a sampling of the estimate variations from different sources:$252K (Appraisal for refinance 21 months ago) vs. $269,939.00 (MortgageCo) vs. $294,900/$321,230.00 (Realtor; CMA vs.

CMBS lenders typically can’t lock more than a few days before loan closing.

This value is typically different from a property valuation or a comparative market analysis that a realtor would provide.

Typically, you're right though.

I have analyzed smaller apartments and it is typical for these mom/pop owners to misrepresent expenses and income.

The downpayment requirements are typically 40%, with a 60% LTV loan.

The bank will never improve the property beyond winterizing and maybe cutting the grass if there are fines for violating ordinances, but no way they would renovate like that.

We are really good at review - we typically have internal accounting departments at our clients looking at our work and other big 4 firms looking at our work (sometimes the partners in the deal are big pension funds and institutional investors who all seem to use big 4).

Typical profit for turnkey provider 100K property is at least 20 - 30k  minimum.